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Samsung Group

Samsung's profit beats forecast thanks to early phone debut

Samsung Electronics recorded a better-than-expected profit in January-March, as an early debut of its flagship Galaxy smartphones boosted sales of high-end phones despite flat growth in the overall smartphone market.

The South Korean company said Thursday it earned 5.3 trillion won ($4.6 billion) in the last quarter, up 14 percent from 4.6 trillion won a year earlier.

That's above the average forecast of analysts polled by FactSet of 4.7 trillion won.

Sales rose 6 percent to 49.8 trillion won ($43.4 billion) from a year ago while operating profit was up 12 percent to 6.7 trillion won, broadly in line with the company's earnings guidance earlier this month.